The maximum that you can pay into your pension and receive tax relief in any one year is limited to the lower of:
- 100% of your earnings; and
- the annual allowance;
The Annual Allowance limit is set by the Government. It is currently £40,000 per annum until 6 April 2015.
You can pay more to your pension, but you will not get tax relief on contributions above these limits.
If you are evaluating your pension, we strongly advise that you seek professional advice from a fully qualified and regulated Independent Financial Advisor. Pension decisions are usually a major financial decision that requires the appropriate level of advice to make the right choice. In contrast, mistakes can be costly. To arrange for a no obligations, initial free telephone consultation click here